Q1 2026 MINISO Group Holding Ltd Earnings Call Transcript
Key Points
- MINISO Group Holding Ltd (MNSO) reported a 28.5% increase in revenue, reaching RMB 5.7 billion, exceeding their high-end guidance.
- The company saw a significant growth in adjusted net profit, which increased by 8%, and operating cash flow grew by 40%.
- MINISO's store upgrade strategy is showing positive results, with a 25% increase in live store share and a high level of franchisee profitability.
- The company is experiencing strong international growth, with a 51% increase in top toy revenue and a 22% growth in overseas revenue.
- MINISO's proprietary IP strategy is gaining traction, with successful launches and increased market validation, contributing to higher margins.
- The gross profit margin declined by 0.9 percentage points to 43.3%, due to a smaller share of high-margin overseas business and increased mix of new domestic products.
- Operating expenses grew by 34%, with a notable increase in selling expenses driven by investments in store operations and promotional activities.
- The company reported a net foreign exchange loss of over 8 million RMB, impacting their margins by 1.5%.
- Inventory turnover for overseas operations increased, driven by inventory buildup ahead of store openings and logistics instabilities.
- The company faces challenges in the overseas market due to high crude oil prices and potential consumer sentiment weakening, which could pressure logistics costs and sales.
Welcome to MINISO March quarter 2026 earnings results presentation. (Operator Instructions) Please also be reminded the event will be recorded. We provide you English simultaneous translation for this call. Please select your preferred language by clicking interpretation in the Zoom meeting.
We released our Q1 2026 results earlier this year. Now please help to refer to our IR website. Joining us here today are Mr. Jack Ye, our Founder and CEO; and Mr. Eason Zhang our CFO. Right before we begin, please refer to the safe harbor statement in our earnings press release, which also apply for this call as we were making forward-looking statements.
Please also note that we were discussing non-IFRS financial measures. These measures are explained reconciled to the most comparable measures reported under IFRS and also in our filings with SEC and Hong Kong Stock Exchange. Unless otherwise stated, all figures are in RMB. We have already prepared a slide deck for financial and operating highlights for today's call.
If you are joining through Zoom, you will see the slide now. You can also
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